These NAMA changes were designed to cover up the real figures and the scale of the disaster that yet to unfold .
Lenihan is engaged is a high stakes con job and the market will not be fooled by his lies this time after 4 previous occasions nobody in their right mind will belive a word coming from this Minster or any other Minster from this current corrupt government
“The Government has decided, having consulted with the NAMA Board and the European Commission,(Not their approval?)that where the total exposure of a debtor is below a €20 million threshold in AIB and Bank of Ireland, that debtor’s loans will not now be transferred to NAMA. The threshold had previously been set at €5 million”
This is more like chaining the goal posts, by taking out the these loans Lenihan is guilty of account gimmickry. Loss of sub-€20m loans to reduce NAMA portfolio from €80bn at par value to €73.4bn
This 6.600,000,000 is still in the system and must be dealt with somewhere else!
So Lenihan’s figures should be 6.6 Billion higher this morning
The Bank of Ireland is in no way able to sustain these losses and will have to come calling back to the taxpayers in the near future
Allied Irish Bank as predicted in my earlier postings in the year is now nationalized and the next step will be for Bank of Ireland to hand over I estimate another up to 18% of the bank to the taxpayer
These mornings announcements are an exercise on account gimmickry and were primarily for the home market as the bond markets have told this lot to go and get lost! (hence th decision to stay away from the markets until next year)
There is no mention of these Banks enormous loss in their derivatives trades! A fact I keep highlighting, there is no mention of the fact the NAMA has been used to hide derivates losses from Anglo Irish Bank, losses I believe could amount to many billions, and that is just Anglo Irish Bank.
Allied Irish and Bank of Ireland are in the same boat with regards to their own derivative losses .
Make no mistake we are again been told lies ,Lenihan and Cowan are only telling part of the real story and the rest will be giving to us on a drip dip basis over the next few months .
The coming budget will be used to enforce new austerity measures on the population as a means to divert away funds to pay for this latest miscalculation by these two baboons.
What will the Irish people do about this blatant admission from the government that their banking police’s are in tatters?